Construction Of China's Open-end Fund Evaluation System

Since the day of November 14, 1997 when the experimental method of Securities Investment Fund is issued, through the development of 9 years, the industry of security fund in our country has taken shape. Since September 2001 when our country began to issue open-end fund, the development of the fund industry has realized a historic span. The force of open-end fund has suddenly risen in these years, the market of open-end fund expands rapidly. In the western countries, the evaluation system of fund has developed very well, and the fund evaluation organization, the stock evaluation organization and the bond evaluation organization have become the big three props of capital market credit evaluation. In comparison, the fund evaluation industry in our country is just in the start stage. With the high speed expanding and the constant product innovation, open-end fund has gradually become the mainstream of the market. In the meantime, the performance of the fund management companies is different from each other, and the investor's investment difference has gradually appeared. How to evaluation open-end fund has become a focus question.Through the review of open-end fond evaluation in our country and the summary of fond evaluation theory, this paper attempts to establish an evaluation system of open-end fond, which can suit the situation of our country and serve for the investors. This paper has five parts:First part is the introduction. On the basis of explaining the research back ground and the motive to select the topic, the writer illuminate the research object and the research value, them introduce the research method and structure of this paper briefly.Second part is the introduction of the open-end fund evaluation in our country. The writer firstly introduces the open-end fund and its development in our country, then introduces the evaluation organizations and evaluation system, finally explains the problems of the evaluation system of open-end fund in our countryThird part is the summary of fund theory research. The writer summarizes the domestic and foreign fund theory research, and summarizes the limitation and enlightenment of domestic and foreign research, which build the solid theory basis of establishing evaluation system of open-end fond in our country.Fourth part the establishing of evaluation system of our country open-end fond. The writer firstly explains the necessity and principle of establishing evaluation system of our country open-end fond, then on the basis of it, establishes an evaluation system of open-end fond, which can suit the situation of our country and serve for the investors. This evaluation system includes three parts: the classification of open-end fond, synthesis evaluation model, track evaluation. These three parts have different status in the whole evaluation system, the classification of open-end fond is the basic work before synthesizes evaluation; synthesis evaluation model is the core part; track evaluation is the beneficial supplement of the synthesis evaluation result. The three parts were linked together, mutually relate, affect together, have formed a complete evaluation system of open-end fond.Fifth part is the conclusion. The writer makes extend on the basis the research of establishing evaluation system of our country open-end fond, suggesting some political proposal on optimizing the fond evaluation industry in our country and tabling some proposal to investors. Finally the writer summarizes the innovation place and limitation of this article.